Javelin Minerals (ASX:JAV) reports an updated Mineral Resource Estimate (MRE) following completion of a 12- month, four phase reverse circulation (RC) drill program at its 100% owned Coogee Project in Western Australia.
The updated MRE, completed by independent consultants Cube Consulting, now totals 1.42Mt @ 1.07g/t for 49,000 ounces and represents a 1400% increase in tonnage and a 350% increase in the overall contained metal from the previous estimate.
Addressing the MRE update, Javelin Executive Director Mathew Blake stated: “It’s very pleasing to see our new MRE for the Coogee Project which confirms a highly significant increase in tonnage and contained gold from our earlier 2014 MRE.
“It’s very pleasing to see our new MRE for the Coogee Project which confirms a highly significant increase in tonnage and contained gold”
Javelin has now successfully identified new Coogee mineralisation which transitions from just gold to copper-gold in the north within a broader copper-gold system now having a strike length of over 1km. We have confidence that additional copper-gold resources can be defined.”
The company also notes that a 3D block model for the Coogee deposit has been produced that is suitable to define the global and local gold and copper mineralisation.
In addition, Cube Consulting has conducted an assessment of reasonable prospects for eventual economic extraction using pit optimisation methods in order to define a pit shell to aid in resource delineation.
It is also reported that the ‘significant’ resource extensions from the four phases of the Javelin RC drill programs, as well as a thorough in-house geological interpretation, has successfully highlighted additional prospective areas of gold mineralisation within the project area.
The Coogee Project is located about 55km southeast of the township of Kalgoorlie in Western Australia and comprises four tenements which are wholly owned by Javelin Minerals and cover a total land tenure of 17km-square.
Javelin have completed four phases of RC drilling totaling 122 drillholes for 16,751 and have successfully outlined gold and copper-gold mineralisation across a strike length over 1km.
With the newly updated MRE for the project now delivered, the first tranche of the performance rights as part of the Coogee Project acquisition to Serene Minerals have now vested, with 100 million fully paid JAV shares being issued and an Appendix 2A lodged.
Images: Javelin Minerals Ltd
